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Founder and CEO of Hobby Lobby, David Green, recently announced his decision to transfer ownership of his company to a trust. Prior to Green, Patagonia founder Yvon Chouinard transferred ownership of the company to an environmental non-profit organization.
In an opinion piece for Fox News, Green stated that he went through a similar decision-making process with his Hobby Lobby ownership and chose God. He also stated that transferring ownership to his children and grandchildren is unfair to him and has the potential to change or ruin his grandchildren's future.
Green stated on Fox and Friends on October 23 that Hobby Lobby's entire voting stock has been transferred to a trust where stewardship can be passed from one individual to another and wealth can be a curse.
He even challenged the other leaders to discover the source of truth, asserting that prayer and the Bible were his sources of truth. Meanwhile, David has not stated how or when the company will be transferred to the trust.
David Green's net worth explored
David Green is known as the founder of the retail company Hobby Lobby. He is also famous for providing financial support to Evangelical organizations in the United States.
According to CelebrityNetWorth, the 80-year-old's net worth is estimated to be around $5.2 billion. Although detailed information on his assets is not available, Green has earned a lot in all these years considering that he has been a successful businessman.
Green borrowed $600 and started a home business in his garage with Larry Pico in 1970, collecting and selling miniature picture frames. In August 1972, David shifted his focus to arts and crafts, and the company grew to the point where Green and his wife could open a Hobby Lobby store in northwest Oklahoma City.
David Green then opened another Hobby Lobby with 6,000 sq. ft. of space in 1975. He published a book titled Giving It All Away…And Getting It All Back Again with Bill High in 2017. David contends that he founded his company on biblical principles.
Green also donates to evangelical causes in the United States and gives back half of Hobby Lobby's pretax profits to a portfolio of evangelical ministries. Since 2012, he has donated approximately $500 million and has funded the Museum of the Bible in Washington, D.C. for $500 million.
Mart Green, his eldest son, is the founder and CEO of the Mardel Christian & Education bookstore as well as Every Tribe Entertainment. His second son, Steve, is the president of Hobby Lobby, in addition to being the founder and funder of the Museum of the Bible and a patron of the Green Collection while Darsee Lett, Green's daughter, is the Creative Director of the Hobby Lobby stores.
